>> the nasdaq hits new high thanks to recovery in tech. and amazon both shrugging off disappointing headline. >> investors welcomed upbeat message from the fed. to movell continue higher.y >> oil is on the slide after reports that u.s. stockpiles have expanded analyst were decline. a >> president trump backtracks from his controversial comments on russia.

he quote, misspoke in .elsinki past 8:00 a.m. i'm haidi. >> over the next hour, we will be look at how the action on street will play into your day.pacific trading haidi what we saw today was a closed after yesterday's lower. especially with netflix missing those ads there. nasdaq and those tech sector really did feel the budget of that. the tech sector today rose and rebounded. take a look. up .6 percent. record high s&p 500 led by materials and technology.

the dow also added 55 points. month.highest in a let's take a look at some currencies here. spot off what jay powell was saying in his testimony to congress. .4 of a percent, that's highest since start of the month. british pound saw some weakness. .old stayed pretty much flat haidi: it's interesting seeing gold continuing to suffer. you would think there are no out there. taking a look at the set up here in asia. seeing that positive through.played it continue to gradually up but stills warning that these trade in impacts.h result take a look at the set up here in this part of the world as

asia wakes up for trading day. you got new zealand looking little bit weaker. asia wakes up at theces taking a look aussie dollar. reported. let's get you to news now with jessica in new york. >> thanks. goldman sachs confirmed david as ceo.will succeed october 1st will usher a new only the second hand over of goldman. solomon will be the bank's new leader in almost half a century. he's been at goldman goldman. f0 years. pocketpected to

$85 million when he finally wakes away. unionand the european signed trade agreement that lowers barriers on goods and services. provides protectionism. move regulatory -- obstacles. it will make it easier for european farmers. underal has been negotiation since 2013. the bank of england is a to a rate hike. that's after u.k. employment rose to record in the three through may. governor mark carney cited market. in the labor it's reasons to raise rates. when.ot said money markets are now pricing in tightening atof the bank's next meeting. reports from london say eu nations being told to prepare for a no deal brexit. daily telegraph story appear

appears -- senior eu officials meet wednesday. wide ranging and internal document that urges to step upons contingency plans of the u.k. onbal news 24 hours a day hair and tictoc on twitter. 2700ed by more than journalists and analyst. is bloomberg. >> thank you. let's dive deeper into the markets now. stocks as well as the dollar rallied that after fed testimony toell congress really touted strong growth in the country. a record. closed at details.hrough all the >> number one, you have the fed hisr testifying and testimony about staying gradually increases now. it's exactly what the market to hear.

ease concerns. you had the big netflix news after the bell. in regularred session. that's what the tech guys wanted to hear. what you saw was the dollar rose. treasury little changed. look the nasdaq, 100. that's where the heavily are.ntrated nasdaq stocks that rose into the broadest measure of the market. russell 2000. let's look at netflix. it was a big story. down as much as 15%. we talk with how analyst were concerned. look at that. it bounced back from a midday to comep back let's go on the board of movers. it was only down by 4%. moversook at the big including other tech stocks. netflix cut its loss significantly. amazon has been under pressure, off bounced back and ended

the low of the day. what tech analyst say this is what fang investors want to see. nasdaq room to run. in all, a very strong showing for the nasdaq. the day began impetus.he strong as fed chairman testified, as stocks came back, they got what wanted. also had on your board just there, goldman sachs. goldman actually really did see some disappointment in he is latest earnings report. >> by end of the day, what was very interesting we had another repeat of the netflix ride. back.and coming couple of important things, they did beat across the board. some analyst were questioning earnings. you can see just in the two day it dropped and came back. what the questions were, it was as 2% midday.much

i had to do with some expenses in trading,op equity trading. they did well in the earnings questions the noncompensation expenses rising. analyst said the drop also had to do with the change at the top. theays we're going to see 12-year reign of the current ceo and the new guy stepping in who has an interesting -- that may the stocks.ighed on thepositive it ended up off slow. item --il taking a tumble. what oil traders saying now in market ishere this headed? there's a lot of noise as we saw that goldman sachs report.

distorting expectations. >> lot of noise and what's interesting about the drop in oil it's coming significantly in afterhours trading. can see the big picture here. typically, we see draw downs or declines this time of year it's summer driving season and gasoline production. we're getting from a private report, the api, often not as reliable as the government, a significant draw. that has a lot of traders running for the exits in the extended hours to adjust their positions. the big pressure is on oil have saudise fact that the are talking about giving extra supplying output to their asian customers with more oil. that shifting the global question about oil demands and is the pressure from the trade concerns. now there's a question as to whether the wednesday data out yorkd 10:00 a.m., new

time, are show a surprise build up in oil. could put pressure. fori: thank you so much that. president trump meanwhile has backtracked on his controversial comments about russia and election meddling. speaking after barrage of criticism including some senior republicans. he said he has full faith in america's intelligence agencies. strongly felt very that while russia's actions had outcome of thee election, let me be totally clear in saying that, i said this many times, i accept our community's conclusion a russia's meddling the 2016 election took place. haidi: trump's performance putinide president

promoted uproar. aboutmcconnell is talking additional sanctions on russia. it's pretty rare for the to retreat like this. he said he misspoke. >> right. rare and it's also interesting that the president himself came out to say that sending out his sander.cretary sarah it's an indication how serious from trump'ss statement at the press asference from putin as well the political peril he put in.ow republicans how deep the box is that puts whatn with congress and they will do further to either orport the investigations bring in some of his authorities. saide, mitch mcconnell

more sanctions against russia might be in order here. what would congress do? >> this will be bill that's been proposed bipartisan with chris democrat of maryland and marco rubio republican of florida. sanctions onose russia if the director of national intelligence, not the but the d of national intelligence determines they had interfered in my way with the 2016 election. this is something that has been sort of floating around in congress for a while and now statements that's really gaining new momentum and himself that mcconnell he controls the agenda in the senate, he'll take it up. that is significant. the house as well, speaker paul ryan said that he was willing to consider additional sanctions on regarding election interference. congress may squeeze him a bit other areas such as trade and

probably get greater scrutiny regarding the investigation by personal counsel robert mueller. >> there's critics out there. will this silence trump's critics? >> it investigation by personal was ok back. wanted to change one word. he did say that he accepts the conclusions of the intelligence committee. he did add that it was russia and it could have been others. it's not likely democrats it up.ly are not letting he may be able to escape by a little bit with some of the leaders.n completely.ng to be the damage here is done. they're going to be keeping a close eye on his statements and what he does regarding this in future. perhaps another foreign policy . the damage here is areas as well. >> joe, bloomberg congress editor in washington for us with of theest coming out

city. fedl ahead, jay powell said gradual approach to hikes is the control inflation. ♪ haidi: next guess is telling clients to take 4% unemployment control salt.g grain of

haidi: we are counting down the open of trading near sydney. broadlypretty good across asian equities. looking like a higher opening as get into the side of trading. i'm remy inocencio in new york. remy: back to the marks now

stocks and dollar and fed chair jay hisll reiterated assessment. joining us now is scott ren of wells fargo. joining us from st. louis, missouri. let's get a pulse of the markets here. seeing this rebound. the nasdaq at another record high. 500 pushing past that psychological 2800 mark. every single time we don't have headlines talking about trade tensions, at least we push little bit higher. >> clearly markets is sensitive to trade. s&p 500 has done, the equity market in general, a relatively low probability that we are really going to have in all out trade war. what weertainly believe. that's what the markets reflecting. ly say, though, our year end target in s&p 500 is 2800 to 2900. yesterday, we

traded into the bottom end of that range. we see at least the way it now, the upside from here is limited. we have been expecting you get out of this year with eight, little bit lower than that return. we're just about there right now. remy: in terms of trade jay -- chair care jay powell did talk. that to congress today. pretty positive. in hearing the take aways here, was your thought after this day of testimony? me, arelly think for the biggest risk for the stock rates is the fed hiking too much. biggest riskecond is slow down in global growth. for me, what i believe, i believe the fed is going to hike this year.ore time i think the market is pricing .hat in

i continue to believe that. is ank jay powell different kind of -- he's not bernanke and he's not janet yellen. he's easy to understand. i'm pretty comfortable he knows what the risks are out here. they are not going to move to shut this thing down. not going to hike too much. i don't think they're going make a mistake this year but certainly as what happens in many cycles, eventually the fed will make a mistake hike rates too much. year.t think it's this haidi: we spent great deal of time worrying about trade tensions. we looking atng tariffs's saying that only coming in list of concerns calls.in conference much more of higher is really the dollar. of

given we had this leg up in the trading session, is this an indication that this is the next kind of bit of strength that we about?be concerned is it just a short term? >> when you look at the dollar, you look at the dollar index the euro, for at me if dollar yen went higher, that wouldn't surprise me. overall, i think the dollars will top in here. it's made pretty good run quickly. a top inng to find here. for us, as far as where we think the dollar is going to be year end, we think it's going to be weaker. we don't think it's a lot weaker. you had much dollar strength from here, if you had down another couple of cents, if you had the rally, meaningful above 95, i think the stock that. would not like

but that's not our base case. we think the dollar will be weaker.it the kind ofu see factors of infrastructure boom as tax and fiscal benefits coming through in this earning season? we at peak earnings? >> as far as the absolute number for earnings, i think earnings in 2019 will be higher than earnings in 2018. really, this is an aberration era. be 18% toly going to 20% growth in s&p 500 earnings this year. they grew little bit over 11% last year. ems of -- in terms of growth rate, we're certainly 2018 is there.h number organically, if we wouldn't had estimateeform, our earnings grow 7% or 8%. if you stripped away the taxes, ieffect of

think you can make a pretty good argument that really the peak was backte in earnings in 2017. we would have seen that again. certainly not going to be that next year. or 10 percent something like that next year. think as earnings go, i the market is already starting to look ahead as they should to 2019. to get a handle on things. industrial sector companies, they are getting little bit worried about this tariff talk. these guys are all booked up into 2019. if it's a machinery company and truckers, they're fine into next year. worried about these tariffs and about an escalation difficulties. remy: scott, to your point here regarding eps. to show you as well as the bloomberg viewers what's

theening in terms of eps.ast for sp we're looking at that best eps for 2020, 7% here. navigate these trade war tensions as well as you lookings, what at? now, we've done more a while before the tack reform, we to continue to play this expansion. in other words, we want our clients to be assertive. we like industrials. given thesed here trade fears. i don't think that's going to be the case going forward. industrials, the consumer discretionary sector, we like financials which have stumbled ten-year yield down to low. i don't think that's the case when we look out over the next months or so. what we don't want our clients doing is hiding. underweight

utilities, underweight staple. these sectors they have their days on the big pull backs. you can see if you look at mast last week or any of these rally weeks, the cyclical sectors are leading the charge. like healthcare as well. that's performed well in the markets on the upside. we want our clients doing. it will be time to hide. it's now.ink haidi: scott thank you so much us.joining scott wren with wells fargo there with a look ahead what expecting. we're getting numbers, output coming 63.6 million tons. we're estimating a range between to 61.1 million-tons. addition to exceeding numbers reporting more output than the market expected. bloomberg is an interactive

chart. tv go. with g you can also save those charts future reference. g tv go on your bloomberg. this is bloomberg.

haidi: texas instruments slumped after hours. theresigned for violating company's code of conduct. issues personal behavior not the -- consistent with the company core values. related tore is not company strategy, operation or financial reporting. predecessor will resume the role. mgm isasino operator suing victims of the mass shooting. the mandalay bay hotel, the federal statute

a companybility for that adopted anti-terrorism technology. it wants the judge to declare the company cannot be held liable for the deaths of 58 people. more to come. this is bloomberg. ♪

>> 8:30 a.m. it's and they -- in sydney. lower close yesterday, but we did have the recovery on wall street. a fresh record high for the nasdaq as we saw that turnaround in tech stocks in particular. i am haidi here in sydney. ramy: i am remy innocence you in new york -- ramy inocencio in new york. president trump has reversed his denial of russian election meddling after a widespread backlash including from senior members of his own party. trump claims he misspoke one

word in his news conference in helsinki. the clarification comes more than 24 hours after this had not from which he backed away in several subsequent media interviews. pres. trump: i realize there is a need for some clarification. i should have been obvious -- thought it would be obvious -- but i would like to clarify just in case it was not. a key sentence in my remarks, i said "would" instead of "wouldn't." it should have been that i see no reason why it wouldn't be russia. discuss globall trade tensions but the response is on mike lee be included in the final statement. the draft document will mention the importance of multilateralism yet will not focus on the imposition of tariffs. in march, international trade and investment were important

engines of growth, innovation, and development. past a difficult start to its annual climbed a sales promotion. spending soared an estimated 89% in the first of all hours of the event. amazon extended prime data 36 hours from 30 hours last year and added four countries, including australia. the start of the promotion was plagued by technical glitches which shoppers vented about on social media using the #prime daysale. aroundtting more crowded jupiter. astronomers found 12 new moons orbiting the giant planet which takes the total number to 79. telescopes into it, hawaii, and arizona identified the new moons. scientists say they were relatively tiny. one kilometer to three kilometers in diameter. on twitter,t tictoc

powered by more than 2700 in morests and analysts than 100 20 countries. i am jessica summers. this is bloomberg. let's get you a quick update on your markets. trading is underway in new zealand. we are seeing a flat session for the kiwi dollar. the only outperform her across a strong leg up for the u.s. dollar overnight. sydney futures looking like we will get upside of .5% as trading gets underway. we will have that recovery in tech but some pretty healthy supply when it comes to iron ore with those numbers out from bhp adding to this picture of robust supply. the aussie dollar trading at 7 3.86. we are shifting focus to these job numbers. let's get more on what you should be watching.

garfield reynolds is here with us. strength in the u.s. dollar as well. thinkthe stocks run, i something of a contrast to the general thing that had been going on in the second quarter. the s&p 500, you know, rode that text search to its highs. gtvhave a chart in the library which we will put up for you now. secondas soon -- quarter s&p 500 was down. it has been going up strongly. going up strongly. asian stocks have been starting to get carried along in the wake of that. the nikkei has been doing well. it's been more of a developed market story perhaps then an emerging market story, but there ,re signs that emerging markets

some investors are thinking it is time to buy the debt in -- the dip in emerging markets. interestingly, garfield, people are buying the dip in bitcoin. on tuesday and is at its highest since early june. what's going on here? garfield: well, i mean, bitcoin is a speculative play. we had some pieces out there where even bitcoin experts were saying we cannot really see anything fundamental that's driving it. there is not anything fundamental to drive it. what there was was a couple of , as acal indicators colleague of mine wrote in the blog overnight. some dude on the internet said bitcoin is rising. a few other dudes said they will buy some of that, and the next thing you know, it has momentum. adding to the fun with bitcoin

is because it had that massive range over the last 1.5 years, 20,000t went from 200 to or something like that, you have got some wide ranges you can play in without running into any serious momentum reversal indicators. i was looking at a fibonacci chart and we are stuck between the second and third band, even after we have had this $1000 moves over the last couple of days. ramy: even talking about technicals here, across in the 50 day moving average. whether that matters or not is another question. from the hit back in december. thanks very much, bloomberg mliv strategist, garfield reynolds. you can check it out on the mliv on the mliv

bloomberg terminal. switching gears, and it's a new era at one of wall street's largest banks. has named david solomon its next ceo, starting october 1. the stock took a hit. second-quarter earnings come and play be missed. the cfo says solomon has been a key driver of the bank's growth strategy. >> there will be more discussions at upcoming conferences. you will hear the emphasis on more recurring fee-based revenue . you have seen that in the results. the emphasis on the growth plan. on driving revenue and earnings growth. all of these are part of the strategy. david has been instrumental in that strategy. ramy: let's bring in dan michael, bloomberg news editor in san francisco. what does it mean for goldman, naming solomon as its ceo? dan: he's been running the

investment banking division for quite a while, and it a division that has grown increasingly important at goldman sachs. him taking over means a sea change for leadership of the company when lloyd blankfein means in october. solomon will be making the decisions, obviously, and the fee-based revenue side will be what everyone is watching. lloyd blankfein came up through the trading side of the markets division and this will be a shift for one of the biggest, most important financial firms in the world. haidi: what about blankfein's legacy? dan: obviously, there has been quite a lot of growth at goldman sachs over the past 12 years. as i said, it's one of the most important financial companies in the world. shareholders have been mostly happy over the years.

billions in profits. quite a lot of growth. his legacy, in many people's minds, will be tied to the aroundde credit crisis 2009, when goldman, for many people, was a symbol of everything wrong in our financial system, and he had to appear before congress and take a very public willing about subjects like greed and honesty in our system. in terms of the take away from earnings, what kind of scenario is david solomon inheriting here? dan: one which illustrate that is today's earnings, which mr. blankfein said was the best first half they had in nine years. it was a solid feet against -- against analyst expectations. metrics were up including his investment banking division.

there were some concerns however. many analysts are worried about whether some of these benefits are sustainable. the stock took an initial hit came after the earnings out. it ended up sort of flat when the trading day ended. haidi: thank you so much for that. editor on the finance team in san francisco, taking us through this next that, next -- next chapter. we will get more details into jay powell's plans for continued fed rate hikes. gradual for now of course. we will be joined by comerica bank chief economist robert, next. this is bloomberg. ♪

haidi: i am haidi in sydney. ramy: i am ramy inocencio in new york and you're watching

"daybreak australia." jay powell says the central bank will stay on its gradual rate to keeph for now inflation near target as the u.s. labor market tightens. trade tensions could be a threat to wages as well as growth. kathleen hays is here with a look at those two words bringing andhe words of economists investors for now. why does that matter? kathleen: pretty quickly, that foot everybody was looking at. the fed sees more rate hikes. let's listen to exactly what jay powell said as prepared testimony earlier today. job market,rong inflation close to our objective, and the risks to the believe thatce, we for now, the best way forward is to keep gradually raising the federal funds rate. kathleen: why is that a big deal? more and more people are dignified on autopilot.

let's take a look at the dots dot plot. rise interest rates regardless. looking for the four rate hikes. jay powell made people think i guess it is not a done deal. on the plus side, talking about the economy, he had four drivers he mentioned in the past. financial conditions are favorable. banks are more stable. there is lots of credit. tax cuts, spending, increasing in the united states. overseas growth continues to be strong. when it comes to trade, he did theit difficult to predict impact and timing of trade tensions and tax cuts. their impact on the economy. here is what he said about trade. dan: it may well be -- >> it may well be. we have heard a rising chorus of concern which speaks of actual plans being put on ice for the time being. kathleen: another thing he

echoed was hiking rates to quickly. because be a mistake you are going to slow down the economy, but going to slowly could let inflation get out of control. expectedrate hike is in september, but we have been hearing this on all of our interviews. more and more people out are doubting about the rate hike already. it's clear jay powell will be assessing data. haidi: more questions about the flattening of the yield curve. give me an indication about what he thinks it means? kathleen: he has evaded it just a little bit, and i do not think the senator would have asked the questions you heard to follow up and pin him down a little bit more. he did say that we are talking a lot about it, and he also said that i guess a flat yield curve and short-term rates above long-term rates, it would be flat, even inverting, could be a

sign that policy is tighter than you think, or maybe it is just tight, and then he went on to say this. >> the shape of the curve is something we have talked about quite a lot. people think about it different ways. i think about it as really the question being what is that message from a rate about control rates? -- neutral rates? kathleen: i know what you mean about the neutral rates. that would imply for more rate hike -- four more rate hikes. if the cursor to invert, what impact would that have on monetary policy? even in that statement, people are looking at jay powell, wondering what the neutral rate really is. what if it is lower? here is why it is such a concern -- another one of our gtv charts from our bloomberg library. you'll curve gets wide. things love it. they make more money, and then it goes flatter and flatter and inverts. points.nder 25 basis

not too much longer it could invert. it will be very interesting to see as we go along, if the neel ifhkaris and jim bullards, their voices get louder and the rest of the committee does not may be more emphasis on it. maybe that is not quite the right way to say it. the consensus does not seem ready to say that this is a sign they should slow down on rate hikes at least for now. so much for you that. kathleen hays, our global editor with a summary of other senate testimony from the fed chair. let's look at the implications of this with robert. given that we are in this age of extraordinary monetary policy, is it fair to look at the yield curve as being a reliable indicator of economic conditions? robert: i think that is a great question. that's obviously on everyone's mind. i think the nuanced answer to

that is yes and no, and we have to take the yield curve seriously, especially when it flattens out and even more if it were to invert, but in my view, we have to ask ourselves why is it flattening out, and even beyond that, which parts of the yield curve flattening out? there is a nuanced analysis of that going on within the fed itself, and it says to me they are monitoring it is not taking it as a flashing red stop sign just yet. enoughis there a nuanced conversation going on broadly as to what potentially, you know, the fed chair really did mention the threat of protectionism, whether tariffs are going to impact economic growth in the u.s. and potentially undermined the wage growth side of things as well? is there a robust enough conversation about whether we will see a short-term burst of inflation followed by potentially longer-term, you know, stagflation, going forward? robert: that is the concern, , if stagflation scenario

inflation expectations get unhinged and start to creep up in an economy that is cooling down a little bit, that puts the fed in a very difficult position. alaneconomists -- greenspan have been talking lately.at that is a risk factor. i don't think we are there by any means. to the contrary, i agree with jay powell's assessment that the economy is looking pretty good right now. canthe next 18 months, we keep that scenario in our back pocket and then, beyond that, we have to start asking ourselves about the risk factors as we push this expansion out into the second half of 2019 or even into 2020. haidi: the behavior of the dollar, how do you explain that? it seems like the economy may be looking a bit shaky. the economy is looking good. the dollar store goes up. how do you explain what we are seeing when it comes to the u.s. dollar at the moment? robert: maybe it is the best

currency relative to some other options. if you look at what is happening right now with international capital flows, the fed is tightening. pulling capital into the u.s., and some of the things the fed is doing right now may be hurting emerging markets, so this is a self-perpetuating strong dollar story. i do not see anything getting in the way of that right now, not unless the dollar were to take up too much, and that would start to impact trade. happening, butat right now, i think it is fair to say that the fed tightening is putting some pressure on emerging markets, and that is probably impacting the value of the dollar. ramy: i am curious as to the timeline for dollar strength that you might be thinking. some of the analysts we have had on bloomberg say this is a short-lived burst of bullishness for the dollar, and they say that maybe probably by the end of this year, they are thinking midterm and long-term, it still will be bearish. year,: by the end of this

we will probably have maybe two more fed rate hikes behind us. we will be looking at 2019, counting out is it going to be two, three? will it be a shift in said policy? toward the end of 2019, we will be anticipating a slower the wind down of tax reform and fiscal stimulus. that makes sense to me that we start to change that a little bit as the future looks a little bit different. ramy: before i let you go, i want to talk a little bit about what fed chair jay powell did regarding the neutral rate. hop into the bloomberg terminal with me and i want to show you this gtv terminal chart in your gtv library. right now, we are wondering where that latest, right? kathleen hays was talking about it at 2.9%. where do you think it is here?

a federal funds target rate is in blue and the natural rate is in white. robert: unfortunately, no one really knows where the neutral rate is, and you will not really get a conclusive answer on that until five or 10 years down the road and we have a few hundred economic dissertations about it. we can guess that maybe it is in a range of 3%. reasonable guess right now. we don't really know for sure. the fed, whenely, it gets to the top of that tightening cycle, maybe we get there by next year. it is really feeling its way in terra incognita. this will continue to be a data-driven fed, especially as we get into next year. ramy: one of the monetary mysteries right now that we will always wonder about. , comerica bank senior vice president and chief economist, robert dye.

thecan get a roundup of stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers can go to dayb on their terminals and on the mobile in the bloomberg anywhere app. you can customize your settings so you only get the news on the industries and assets that you care about. this is bloomberg. ♪

haidi: i am haidi stroud-watts in sydney. in new am ramy inocencio york, and you're watching "daybreak australia." companies are rushing to align their plans with beijing. jia harbour group is one infrastructure player looking to capitalize on both the china 2025 program and president she is massive belt and road initiative. 's belt andt xi road initiative. >> the chinese market has passed

its peak in terms of building a for structure projects. places like southeast asia and the middle east are seeing really strong demand while countries like vietnam, indonesia, and bangladesh have only just begun nationwide construction of highways, power plants, and ports. we see the biggest business opportunities in places like hong kong and singapore, which have large populations but limited space. they are desperate for land. we have over 500 large projects across the world with a total value of $15 billion. we are very excited about the prospect of our business. >> what percentage of your revenues do you expect to derive from projects linked to the belt and road initiative? >> our company began a push years back and now it is generated in countries among the belt and road initiative. our growth in china has plateaued. we aim to grow in international markets. >> what is the timeframe for taking the company public?

>> it will take us another one or two years to complete our ipo process. the most important thing is using our technology to proclaim land from the sea. >> made in china 2025, this industrial policy the government has drawn up, to what extent is that a catalyst for a company yours? we have already done so in singapore, dubai, and panama. r&dhina, we don't and center where we are active need canning other talents so we expand to more countries step by step. haidi: that was the joe harbour founder and chairman speaking to our very own tom mackenzie. much more coming up over the next couple of hours. i will be sticking around with you. ramy: that's right. we are going to be looking at some really interesting guests coming up in just about 10

seconds. the senior economist, eric when eric, talking about the markets and what jay powell said in the semi-animal reports. this is bloomberg. ♪ ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

haidi: 9:00 a.m. in sydney where we are live from bloomberg's headquarters. i am haidi stroud-watts. gains after the open -- rate hikes will be gradual for now. a recovery in tech listed the nasdaq to a new high. they are shrugging off this morning headlines. ramy: from bloomberg's global headquarters, i am ramy inocencio in new york. president trump backtracks from his controversial comments on russia. he says he, "misspoke